Defense Reinsurance, the first Puerto Rico-based Specialty Lines MGA, enters the Middle Eastern & North African Market

Defense Re, with almost 4 years of underwriting, has already proven to be a strong and extremely well recognized specialty lines reinsurance MGA for the Latin American and Caribbean market as it looks to expand its global presence. Many reinsurers are looking for ways to diversify their products and distribution platforms by not only looking at disciplined underwriting, but by also market diversification. At the same time, restructurings of world-leading reinsurers and changes in emerging market economies have fostered the regionalization of the reinsurance business. It is in this context that Defense Re is excited to be expanding into the Middle East and North African market, 100% supported through our partner Reaseguradora Patria S.A. (Patria Re), to further bolster the capacity of specialty lines capacity in such markets. “The Latin American and Caribbean market has been an extremely profitable and important gateway for Defense Re, but we always envisioned to expand our territorial scope and look for further growth. Today we are proud to announce that we are expanding to the Middle East and North Africa accessing new underwriting opportunities in the specialized reinsurance industry, which has always been of interest for Defense Re,” explains Charles Juarbe Laffitte, founder and President of Defense Re, whose professional background includes over 20 years managing international markets in London, New York, and Miami. The opportunity to diversify and build a global portfolio with Defense Re represents a unique strategic platform for reinsurers to create a strong business relationship in the region through an MGA that has the expertise and robust distribution platform in the market. Defense Re has created an underwriting platform designed specifically for global businesses, which is ideal to promote the necessary synergy between international reinsurers and the additional capital the region needs.
The newly placed binder, with underwriting authority as of July 1st, 2024, will underwrite a wide range of products, including Errors and Omissions (E&O)/Professional Indemnity (PI), Director’s and Officer’s Liability (D&O), Bankers Blanket Bond for Financial Institutions, Commercial Crime for non-financial institutions, Fiduciary Liability and other niche placements, such as Investment Management Insurance (IMI) and Public Officials.